XYZ is evaluating a project that would last for 3 years. The projects internal rate of return is 8.90 percent; its NPV is -$2,300; and the expected cash flows are presented in the table. What is X?

Years from today	0	1	2	3
Expected cash flow (in $)	-75,000	61,000	X	16,000

	a.	An amount equal to or greater than $3,000 but less than $5,000
	b.	An amount equal to or greater than $5,000 but less than $7,000
	c.	An amount equal to or greater than $7,000 but less than $9,000
	d.	An amount equal to or greater than $9,000 but less than $11,000
	e.	An amount less than $3,000 or an amount equal to or greater than $11,000